Depending on the case, a divorce can present some very complex issues dealing with property and debt distribution. Arizona is known as a “community property” state. Simply put, any property, assets, or debts acquired during the marriage through either party’s income or efforts will be considered “community property.” This can include both tangible and intangible items like:
- Real estate
- Retirement accounts (401k, pension, or IRA)
- Bank accounts
- Stocks and bonds
- Personal property
As a general rule of thumb, community property/debts will be divided equally among the parties. However, both parties are always able to negotiate freely on how they will distribute the community property and debts. Given this fact, it is important that you have an experienced attorney representing your financial interests.